Deposit $1M, get internship for children—Chinese bank's offer sparks outrage
What's the story
Industrial Bank, a regional lender from China's Fujian province, has sparked outrage by offering to help wealthy clients secure prestigious internships for their children. The offer was made in a now-deleted post on WeChat, where the bank claimed it could arrange work experience at top firms like Google and JP Morgan. The move has reignited debates about privilege and inequality on social media platforms.
Eligibility criteria
High deposits required for internship scheme
The bank's post further detailed that to qualify for this scheme, families would have to deposit large new sums with the bank. Non-private banking customers would need to deposit 10 million yuan ($1.4 million), while private banking clients would have to deposit 5 million yuan. This elitist approach has drawn widespread criticism on Chinese social media platforms amid rising youth unemployment and recent nepotism scandals in China's job market.
Offer retraction
Industrial Bank retracts internship offer amid backlash
In light of the intense backlash, Industrial Bank has paused the controversial offer. The bank issued an apology for any "misunderstandings caused by incomplete descriptions," according to state-run news outlet Securities Times. In its statement, the company clarified that it had not directly arranged internships for its clients' children but only intended to refer them to external recruitment consultants.